Audit assurance and Attestation
Audit assurance
Auditassurance and Attestation refers to the level of confidence or assurance provide by an independent auditor regarding the reliability and accuracy of financial statements. The primary objective of an audit is to express an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework.
Audit assurance involves obtaining reasonable assurance through the examination of evidence, performing tests, and evaluating internal controls. The auditor expresses their opinion in the form of an audit report, which provides users of the financial statements with confidence in their reliability.
Attestation:
Attestation refers to the process of providing a written statement or report on a subject matter or assertion made by another party. This involves evaluating and providing assurance on the reliability, credibility, or compliance of information, systems, controls, processes, or activities. Attestation engagements may include financial statement reviews, examinations of specific elements of financial statements, reports on internal controls, compliance reports, and other agreed-upon procedures.
These engagements are perform by a qualify professional, such as a Certified Public Accountant (CPA), and provide varying levels of assurance depending on the specific engagement and procedures performed.
In summary, audit assurance primarily focuses on the examination of financial statements and expressing an opinion on their fairness.
While attestation engagements encompass a broader range of engagements where assurance is provided on specific subject matters or assertions beyond just financial statements.
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